Three lakh penalty imposed on Cooperative Bank.
Mumbai: The Reserve Bank has imposed a fine of Rs three lakh on the infringement of the ‘Know Your Customer’ (KYC) guidelines on Chhattisgarh’s Co-operative bank. The central bank informed that Raipur’s ‘Lakshmi Mahila Nagrik Co-operative Bank’ has been found guilty of infringement of RBI guidelines of KYC.The prior notices have been issued to the Cooperative Bank. Based on the bank’s written replies and the facts, the Reserve Bank arrived at the conclusion that the bank has violated the guidelines and it should be fined. The Reserve Bank imposed a fine of Rs 3 lakh on a Cooperative Bank of Chhattisgarh.
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